Memphis, TN CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Memphis, TN commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
Shelby County Assessor of Property
File informal appeal with Shelby County Assessor, then formal appeal to County Board of Equalization by August 1. Can appeal to Tennessee Assessment Appeals Commission, then circuit court. Quadrennial reappraisal cycle.
~1.5-2.0% effective rate (Shelby County; 40% assessment ratio for commercial; no state income tax on wages)
Key Submarkets
CAM Billing Considerations
- Quadrennial reappraisal cycle creates concentrated tax adjustment events every four years
- Two-state metro (TN/MS) with different assessment rules in DeSoto County, Mississippi
- FedEx global headquarters and logistics hub create massive industrial CAM volume
- Secondary market with persistent office vacancy challenging landlord gross-up economics
- Tornado and severe weather (Mid-South geography) drive insurance cost variability
BOMA Memphis
Market Context
Memphis is dominated by its logistics and distribution identity — FedEx's presence has made it one of the largest US industrial markets per capita, with CAM reconciliation complexity concentrated in warehouse and distribution facilities. Quadrennial reappraisal cycles create predictable windows for significant tax adjustment disputes.
Related Resources
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